Terra USD (UST) Coming to Aave

Several important updates took place on Aave this week. Among these updates is the upcoming addition of Terra USD (UST), the algorithmic stablecoin of the Terra (LUNA) ecosystem on Aave.

This news follows the recently completed governance voting to add Terra USD (UST) on Aave. This article covers details of important Aave updates that took place last week. And what these updates, especially the addition of the UST stablecoin, might hold for the Aave ecosystem.

Important Updates On Aave

In its weekly newsletter, Aave released details of its updates that took place last week. First, the decentralized lending protocol ended the week with a remarkable $18.2 billion worth of liquidity.

Other important updates include:

  • Its $101 million flash loan volume while also generating $91,000 worth of fees for depositors on its protocol.
  • Aave also recorded a 33.2% utilization rate. Alongside an estimated $3.6 million in interest for depositors.
  • Last week alone, Aave also had $23 million in liquidated funds with an estimated $1.8 million as fees to liquidators.
  • Also, a whopping $5.9 million was generated by the protocol this week alone. Alongside an extra $1.1 million $StkAAVE and $2.2 million $WAVAX.
  • Interestingly, $444,000 for the ecosystem collectors, who now hold $44 million.
  • Another major update is the voting for the addition of Terra USD (UST) to the Aave ecosystem.
UST Proposal, Governance Voting on Aave

Aave boasts of a truly decentralized ecosystem. One that is solely controlled by community members and token holders via a well-designed governance process. The proposal to add support for UST was first submitted in April 2021 and was reopened in January 2022.

Also, the proposal involves adding UST as a borrowable asset pending other risk assessments. A complete and more thorough risk assessment will determine whether UST will be listed as collateral on Aave. The voting officially ended on March 10, 2022, with a positive vote to list Terra USD (UST) on Aave.

More on Terra USD (UST)

Terra USD (UST) has been in the limelight in recent times for all the right reasons. Launched on October 1, 2021, UST has grown steadily and currently has a market cap of $14,608,837,265. UST is also an algorithmic stablecoin.

Terra is the protocol behind Terra USD (UST). According to DeFi Llama, Terra currently has a TVL of $25.02 billion. It also boasts top projects like Anchor, Lido, Mars Protocol, etc. Interestingly, early this month, LUNA surpassed Ethereum to become the second most staked asset.

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